BHEL has been taking support a its long-term trendline since Nov 2020. Yet another strong support has been 200DMA. The stock has yet again come at the confluence of the two supports and has shown reversal from here. Conditions are ideal for a long trade in this zone for the stock to go back to 79 with stop below 56 on closing basis.
NSE:HINDPETRO
All About 200 DMA. How to use it to take Mid/Long term trade.
1) What is 200DMA?
It is simple technical analysis tool that is and average of daily close price of last 200days/candles. It is used to smooth out the price and it will remove the intraday fluctuation noise.
200DMA --> 200 Daily Moving Average
2) 200DMA is the one of the main...
Bitcoin made two breakout attempts recently. The second breakout failed and this failure is indicative of more downside in the coming days.
Supports that are well in target are just 6 to 8% away and lie close to 49k to 50k. A strong support of rising 200ma is well in sight. This range seems like a good support zone. The confluence of trend line support and...
RECLTD is at the confluence of trendline support and also its 200DMA support. A combination of trendline and 200DMA acts as a decent support for the stock. Long can be initiated for 169 resistance as the target zone.
YESBANK saw rejection at its 200 Day Moving Average (200DMA green line), yet again. Every time the price of the stock has hit its 200DMA from below, we have seen bullish rejection and the price has followed through on the bearish side. Today we saw another rejection at the 200DMA. Low risk short can be initiated here with stop loss above the 200DMA for price to...
IGL is bouncing off again from its medium term support, same as it did a month and a half ago. The stock bounced off this support the last time, went to the resistance at 580 and came back to its support. The stock's price action today is indicative of a bounce again at this trend line and 200DMA support. The candle formation is also of 'morning star' type with...
Federal Bank (NSE: FEDERALBNK) is bounding off of trend line support and also 200DMA support. The price action is bullish and we can expect it to reach resistance zones at 90 and subsequently at 97.
SESHAPAPER is trading at confluence of multiple support zones:
1. Trend line support
2. 200DMA support
3. 200WMA support
Confluence of all these supports makes us bullish on this stock. Longs can be initiated with 225 resistance as target.
HINDZINC seems to be reversing from long term trendline from Mar'2020. The price is also at 200DMA and is exhibiting bullish RSI divergence. Seems a good long candidate, heading towards 350.
ASHOKLEY is bouncing off from its trendline support which and also at 200 day moving average. 121 is a resistance which if crossed would be bullish on the stock. It would make sense to start building long position with full position on daily closing above 121. We can expect a target of 135 which is the previous strong resistance on the stock with 112 as the stop.
IGL has bounced from its Trend line support from where it has bounced multiple times in the past as well. This bounce also coincides with 200DMA support. We are bullish on this stock with 560/580 as short-term swing targets.
Multiple patterns in play (see chart). One can add this to watchlist and track for breakout with volume confirmation for entry.
1) Trendline Breakout
2) 200DMA support and Reversal
3) Support and Reversal
Maruti Suzuki price at very important level where-in one can see multiple patterns/price action
1) Testing previous resistance
2) Approaching 200DMA
3) Approaching previous consolidation area
Price is in imp area to keep watch and add this to your watchlist
SBICARD is exhibiting reversal at multiple supports:
1. Trendline support from previous lows
2. 1.618 Fibonacci support
3. 200DMA support
Further, RSI also touched 30 level and reversed.
We are bullish on this stock, expecting the price to reverse to ATH of 1139.
Globus Spirits (GLOBUSSPR) has taken support at the 200DMA which is also a price support. The stock seems to be reversing at this zone. Low risk longs can be initiated for Fibonacci targets of 343/373/425.
